Bitcoin ETFs Return to Form and Post $192M Inflows

• Bitcoin ETF inflows have not exceeded $125 million since July 29, 2024.
• Ethereum ETFs saw net outflows of $3 million as bulls worked to push ETH back above $3,000.
• BlackRock’s net inflows now total $20.31 billion. Grayscale’s net outflows total $19.37 billion.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen their highest day of net inflows, weeks after a period of uncertainty and market decline.

Perhaps as a sign of positive sentiment, institutional investors appear eager to buy up BTC ETFs now that the premier crypto’s value is back above $60,000.

Bitcoin ETFs

As per data gathered by SoSoValue , Bitcoin ETFs have seen net inflows of $192.56 million on Aug. 8, 2024, signaling a return to form as the price of BTC nudges back above $60,000.

BlackRock’s iShares Bitcoin Trust (IBIT) secured top billing with a net inflow of $157.6 million, bringing the fund’s cumulative net inflows to $20.31 billion.

WisdomTree’s Bitcoin Trust (BTCW) saw its single largest day of net inflows since launching, bagging a sturdy $118.52 million. The previous inflow record for BTCW stood at $10.5 million, which it netted yesterday. This is very significant as the fund had seen mostly neutral flows, or net inflows, maxing out at just over a few million throughout the past seven months.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) captured $65.25 million in net inflows, breaking from an 8-day neutral/net outflow trend. Similarly, ARK 21Shares’ Bitcoin ETF (ARKB) reversed its outflow trend, attracting $32.79 million in net inflows. Meanwhile, VanEck’s Bitcoin Trust (HODL) saw a more modest gain, with $3.38 million in net inflows.

ETF Outflows

No day of ETF inflows and outflows is complete without the Grayscale Bitcoin Trust (GBTC), which posted $182.94 million in net outflows. This would be its largest day of outflows since April 8, 2024.

Aug. 8 brings Grayscale’s cumulative net outflows to $19.37 billion. Furthermore, GBTC is the only Bitcoin ETF in the red. The Grayscale Mini Bitcoin Trust was launched recently, seemingly to recapture these outflows. But with only $250 million in cumulative net inflows, its launch may be too little, too late, for Grayscale’s clients.

Interestingly, the Hashdex Bitcoin ETF (DEFI) saw its first-ever day of net outflows of $2.03 million. At this point, it’s unclear why the fund suddenly saw outflows despite relatively positive sentiment for other funds.

Bitcoin Options

It would appear that today’s positive flows come in a timely fashion. Over the past couple of days, it has been revealed that fund issuers are seeking to have options trading enabled on their Bitcoin and Ethereum ETFs.

Although it was believed that Grayscale and BlackRock applications would take a year to finalize, ETF analysts Eric Balchunas and James Seyffart think they’ll arrive in Q4 2024.

Though the exact timing of their approval is difficult to pin down, these developments are certainly flavoring the crypto ETF market with excitement.

About the Author

Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.

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